Hello all!
After a violent fall breaking key support & a strong trend line Bitcoin has shown us new trading opportunities. The bottom support trend line represents the final trend for the weekly time frame. Many found this fall to be a strong buying opportunity and look to an upside as long as support #1 and the weekly trend line holds. We can target the top of the resistance trend line around 70-80K. This trend line is also following the weekly 50MA acting as another support level.
However, always be aware of both sides of this trade if the support and trend line is broken we can see another violent fall as we just saw after the support & trend were broken. If we have another fall look for more buying opportunities at support numbers 2 & 3 for a strong bounce.
After a violent fall breaking key support & a strong trend line Bitcoin has shown us new trading opportunities. The bottom support trend line represents the final trend for the weekly time frame. Many found this fall to be a strong buying opportunity and look to an upside as long as support #1 and the weekly trend line holds. We can target the top of the resistance trend line around 70-80K. This trend line is also following the weekly 50MA acting as another support level.
However, always be aware of both sides of this trade if the support and trend line is broken we can see another violent fall as we just saw after the support & trend were broken. If we have another fall look for more buying opportunities at support numbers 2 & 3 for a strong bounce.